A newly submitted NV Energy proposal to the Public Utilities Commission of Nevada (PUCN) could mean higher monthly rates for more than 1.5 million customers statewide.
In a Tuesday press release, the energy company said the proposed policy “aims to address the financial impacts of a catastrophic wildfire” to protect customers and the company.
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If approved, higher customer rates will go towards the creation of a new $500 million wildfire self-insurance fund — but the increased rates will depend on where you live in the state. The fund would also be partially built through co-payments from shareholders and invested to grow over time.
Nevada Power customers here in Southern Nevada would be paying less than Sierra Pacific Power customers up north, where the risk of wildfires is greater, according to NV Energy.
Rates would be determined on the same method used for commercial wildfire insurance previously approved by PUCN.